The staff report for the 2011 Article IV Consultation concluded that a vibrant recovery marked Estonia’s first year in the euro area, albeit amid nascent tensions. The economy’s strong rebound has been grounded in a proven track record of prudent macroeconomic policies. Executive...

Romania’s external position continues to improve. Inflation peaked in December 2010, and is now likely to decline. Financial market stress has remained relatively low in recent months. The current account deficit improved from 13½ percent of GDP in 2007 to about 4¼ percent of GDP in...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This Selected Issues paper on the United Arab Emirates highlights the achievements in the diversification of the economy and the developments and outlook of the hydrocarbon sector. The political structure of the Federation gives a great deal of independence to the individual Emirates in pursuing...

South Africa’s 2005 Article IV Consultation reports that the short-term outlook is broadly favorable, with the main risks arising from a possible worsening of the external environment. The authorities plan to maintain a flexible exchange rate, and to intervene in the foreign exchange...

This Selected Issues paper examines the driving factors for the broad movements of investment over the past decade in Poland. After booming for half a decade, Poland’s investment plummeted during 2001–03 and has recovered only marginally since then. The paper provides a historical...

The staff report for the 2005 Article IV Consultation on the People’s Republic of China highlights economic developments and fiscal policy. The continued robust growth owes much to the favorable external environment, with judicious macroeconomic policies, continued structural reforms, and...

This Selected Issues paper for euro area policies analyzes the product market regulation and benefits of wage moderation. The paper identifies structural shifts in the relationship between wages and unemployment rates—a “wage curveâ€â€”in 20 industrial countries. It reviews...

This Selected Issues paper describes labor market trends in Belarus and the role of labor market institutions in the outcome. The paper examines the current status of the tax system in Belarus and assesses recent efforts to reform it. It argues that the current tax system in Belarus is...